Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Broadcom (Nasdaq: BRCM) rose more than 11% in early trading after the company reported results that beat Wall Street forecasts.

So what: For the second quarter, the chip maker booked $0.72 in adjusted earnings on $1.8 billion in revenue. Analysts were expecting just $0.63 a share on roughly the same amount of revenue, according to Yahoo! Finance.

Now what: The report overshadowed an otherwise down day for chips, led by a 2% drop in shares of NVIDIA (Nasdaq: NVDA), which Needham & Co. downgraded from hold to underperform. Broadcom got better treatment from Charter Equity, which upgraded the stock from market perform to buy, while a Jefferies & Co. analyst raised his price target from $41 to $46 a share on expectations of growing demand for the company's touchscreen and Wi-Fi controller chips, The Associated Press reports. Do you agree? Disagree? Weigh in using the comments box below.

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Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. He didn't own shares in any of the companies mentioned in this article at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Google+ or Twitter, where he goes by @milehighfool. You can also get his insights delivered directly to your RSS reader.

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